Minister Calls For Financial Literacy Strategy


Mona Helen Quartey speaking in an interview
Mona Helen Quartey, a Deputy Minister of Finance, has called for the development of a national financial literacy strategy to ensure that financial education is carried out in a more sustainable manner.

Helen Quartey, who was speaking at the launch of the 4 th National Literacy Week in Accra, said financial literacy had been identified globally as a critical tool for development.

She said when individuals and households are financially secure, they face less risk and ultimately constitute the backbone of the economy, stating ‘milestone decisions we make throughout our lives ultimately affect our financial security and the financial security of our domestic economy.’

Helen Quartey said personal financial interest and the interest of the national economy are inextricably linked, explaining that the financial health of individuals and households contributes to financial health of the economy and act as building blocks of the economy.

Ms Quartey said the development of our country therefore depends on an informed public, adding that ‘the greater our grasp of issues including saving, investment, plan for contingencies through insurance and debt, the better we are conscious of our financial circumstance and our ability to improve it.’

‘It is for this reason that government has institutionalized an annual National Financial Literacy week as a long-term financial sector policy priority measure aimed at raising awareness on the range of financial products and services available to consumers to help them better understand and manage their personal finances, thereby improving financial behavior of the citizenry,’ she said.

She said government had integrated financial education in the reviewed Social Studies, Management in Living and Business Management syllabuses for the Senior High School (SHS).

‘So far, the content for the teaching and learning materials has been developed. The expectation generally is to equip students at SHS with adequate knowledge of basic financial issues and to enable them to make informed financial decisions as future customers of financial services providers.’

She called on the media to help promote financial education.

By Cephas Larbi
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